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The story is about growing scandal in the banking industry centered around banks allegedly overcharging pension funds for currency transactions. The man who uncovered the alleged scam, Harry Markopolos, expects all 50 states to eventually join the suit. If the name sounds familiar that's because Markopolos was a whistleblower on the Madoff Ponzi scheme, only to have his claims ignored by the SEC for the better par of a decade.

I think Harry Markopolos would make an excellent SEC charimen, and posted my thoughts on same: http://bigdebtsmalllaw.wordpress.com/2010/03/12/why-coffee-trashed-harry/

WASHINGTON (Reuters) – Bernard Madoff's whistle-blower and the U.S. Securities and Exchange Commission's top enforcer will testify before Congress this week on how the SEC failed to uncover Madoff's $65 billion fraud, a congressional panel said on Monday. Harry Markopolos, a fraud examiner who tried to warn regulators that Madoff's business was a fraud, and the SEC's Director of Enforcement Robert Khuzami are expected to testify at the Senate Banking committee's hearing on Thursday.

HARRY Markopolos -- the whistleblower on Bernie Madoff who proved to be much smarter than the SEC -- says there are evildoers out there who will make the Ponzi scum "look like small-time." Markopolos gave a speech to 400 of the faithful at the Greek Orthodox Church in Southampton and predicted major scandals will soon be revealed about the unregulated, $600 trillion, credit-default swap market.

Exclusive Bottom Line Report One man tried for almost 10 years to bring down Bernard Madoff, the disgraced financier who pleaded guilty March 12 to bilking investors in an elaborate Ponzi scheme. Harry Markopolos was the would-be whistleblower who tried, fruitlessly, to get federal authorities to investigate. Instead, Markopolos was rebuked, and Madoff’s scheme eventually collapsed on its own. Charities, retirement funds, banks and individual investors watched $65 billion disappear overnight. In his only radio interview, and his first since Madoff pleaded guilty, Markopolos tells WBUR it’s too early to celebrate. “I know that Mr. Madoff had lots and lots...

SAYS SEC 'ROARS LIKE A LION, BITES LIKE A FLEA' Harry Markopolos told Congress the SEC failed to act despite credible allegations of fraud for nearly a decade. Markopolos, a securities industry executive and fraud investigator, blew the whistle on Madoff between 2000 and 2008.... "I became fearful for the safety of my family. Madoff was one of the most powerful men on Wall Street and in a position to easily end our careers or worse," Markopolos said.

The top cop at the Securities and Exchange Commission is leaving the government less than a week after receiving an angry dressing-down before Congress over the agency's failure to detect a massive alleged fraud scheme. Thomsen was front and center at a Feb. 4 hearing by a House subcommittee investigating the Madoff affair and the enforcement breakdown at the SEC. She was put on the defensive by lawmakers and forced to defend the SEC's position that she and other officials couldn't publicly discuss details of the matter because of an ongoing investigation by the agency's inspector general.

Markopolos discovered the Madoff fraud years ago, but regulators wouldn't listen. He was not compensated for his investigations, hd "did for the flag" and country. His testimony is marvelous. Listen live: http://radiotime.com/WebTuner.aspx?StationId=20334&

Whistleblower Harry Markopolos testified to Congress on Wednesday that he brought his evidence about Madoff to the Washington, D.C. bureau of the Wall St. Journal in 2006. He said that a reporter was ready to fly to Boston after reviewing his material, but WSJ editors stopped any further work on the story. See:http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=283836-1Who at the WSJ stopped the story from being told in 2006?

WASHINGTON – House lawmakers on Wednesday accused the Securities and Exchange Commission of impeding their probe into the agency's failure to uncover the alleged $50 billion Bernard Madoff fraud. The clash between lawmakers and high-ranking SEC officials at a House Financial Services subcommittee hearing came after the man who waged a decade-long campaign to alert the regulators to problems in Madoff's operations denounced the agency for its inaction. ... In loud, angry exchanges, lawmakers threatened to issue subpoenas to SEC officials to compel their testimony in the case.

The Hub financial expert who tried to blow the whistle on Bernard Madoff since 2000 says a "Yankees-Red Sox [team stats] rivalry" between New York and Boston regulators allowed the alleged $50 billion Ponzi scheme to go on for years. "In 2000, (a U.S. Securities and Exchange commission official) warned me that the relationship between the New York and Boston SEC offices was about as warm and friendly as the Yankees-Red Sox rivalry and that New York doesn’t like to receive tips from Boston," Whitman resident Harry Markopolos testified today before Congress. "Truer words were never spoken. ... Regional turf...

WASHINGTON (Reuters) – Harry Markopolos, a former investment manager who warned U.S. regulators about Bernard Madoff, criticized the Securities and Exchange Commission and said on Wednesday that Madoff had help in running his alleged $50 billion fraud. Markopolos told Congress that the SEC staff was neither willing nor able to uncover what Madoff, accused of having run the world's biggest Ponzi scheme, was really doing. He also said that he knows the names of a dozen other so-called feeder funds that helped Madoff raise money from pension funds and wealthy investors and that he would turn these over to regulators...

Mr. Markopolos Regrets His Failure to Persuade Investors; Tips for the SEC Harry Markopolos, the Boston-based investor-turned-investigator who for years warned regulators that Bernard Madoff was running a huge Ponzi scheme, has received pitches to appear on television shows, make movies and write books elaborating on his experience. Later this month, he is scheduled to appear before Congress to present recommendations to improve the Securities and Exchange Commission. But rather than enjoy a sense of vindication, Mr. Markopolos says he is miserable. He has trouble sleeping and is haunted by the apparent suicide of Thierry Magon de La Villehuchet, a...

The Securities and Exchange Commission's New York watchdog, under fire for failing to uncover Bernard Madoff's alleged $50 billion Ponzi scheme - despite a dead-on tip by a whistleblower - yesterday tearfully defended herself, arguing that she and the agency did the best job possible. "Why are you taking a mid-level staff person and making me responsible for the failure of the American economy?" an upset Meaghan Cheung, with eyes tearing up, told The Post. "I worked very hard for 10 years to make a career, and a reputation, and that has been destroyed in a month," said Cheung, who...

Everyone caught up in the scandal of accused Wall Street swindler Bernard Madoff wants to know where the money is. Madoff, who authorities say confessed to losing $50 billion in "a giant Ponzi scheme," has given a list of his assets, liabilities and property to U.S. regulators. But the thousands duped, from the beach cities of Florida to yacht clubs of the Mediterranean to Hollywood and Manhattan, may never see it. And judging by the scandals involving Bayou Group hedge fund, WorldCom and Adelphia Communications, any money they may see down the road will likely be a fraction of what...

Is the author of this complaint any relation to Madoff. They appear to have the same last name.

My younger sister has often complained to me that, during their working careers, she and her husband had difficulty making ends meet, financially. In response, I’ve tried to convince her that those who have a little money… or even a lot of money… have a far more difficult problem: i.e., holding onto what they have. No man has done more to prove my point than Bernard Madoff, the head of Bernard L. Madoff Investment Securities, LLC, a Wall Street investment advisor admired and trusted by some of America’s wealthiest individuals and foundations. No man has done more to destroy the...

BOSTON – His repeated warnings that Wall Street money manager Bernard Madoff was running a giant Ponzi scheme have cast Harry Markopolos as an unheeded prophet. But people who know or worked with Markopolos say it wasn't prescience that helped him foresee the collapse of Madoff's alleged $50 billion fraud. Instead, they say diligence and a strong moral sense drove his quixotic, nine-year quest to alert regulators about Madoff.